Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Montana or anyone looking to become a mortgage broker in Montana.
The
Montana Department of Administration, handles all aspects of licensing and regulating Mortgage Brokers. Effective September 1, 2004, anyone who acts as an intermediary between a lender and a borrower regarding residential financing within Montana is required to be licensed by the Department of Administration.
Applicants who wish to
become a Mortgage Broker in Montana are required to have at least three years of verifiable experience in the mortgage lending business, and need to pass an examination that demonstrates competency to work as a Mortgage Broker. Applicants pay a $500 application fee and also provide either a Surety Bond in the minimum amount of $25,000 or an irrevocable Letter of Credit.
After receiving their license, Mortgage Brokers are required to complete at least 12 hours of continuing education each year.
Full information on the past ten years of employment and experience, plus full information on residences for the past ten years are required on the application. Providing full fingerprints ($32) is part of the criminal investigation process that the Department oversees.
Mortgage Brokers must maintain a physical office within the state. This office may be by itself or it may be in conjunction with another licensed mortgage broker within the state. The office must have at least one phone line. All licensees must pay Montana State Income Tax on earnings from within Montana.
The Montana Association of Mortgage Brokers (MAMB),
www.mtamb.com, is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. The associations provide many additional sources of information regarding the real estate industry for those who want to acquire a Mortgage Broker License in Montana.
We also offer information and resources for Montana Commercial Mortgage